White & Case has posted an 11 per cent drop in total revenue for the 2009 financial year while average profit per equity partner (PEP) has remained flat.
Total turnover for the 2009 financial year stood at $1.307bn (£820m), an 11 per cent drop on 2008’s $1.467bn. The firm pointed to currency fluctuations across the 36 countries in which it operates as having a material impact on the revenue drop.
“Up to 50 per cent of this reduction was due to currency fluctuations,” said a spokesman.
In contrast, White & Case’s PEP was flat at $1.595m, a marginal rise of 0.3 per cent from 2008’s $1.59m.
“We had a very strong second six months of the year, which helped us post solid results,” said London office head Oliver Brettle (pictured).
The firm’s results announcement coincides with a series of partner departures from White & Case to rival Latham & Watkins.
Last week Latham poached a four-partner team of London bank finance and capital markets partners including Chris Kandel, the former co-head of White & Case’s London bank finance group (29 January 2010).
Yesterday another eight partners, including Craig Nethercott and Glen Ireland in London, resigned to join Latham (1 February 2010).